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What Do We Expect from APEC?

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What Do We Expect from APEC? COVER STORY • APEC Japan 2010 •5 hat Do We Expect from APEC? WBy ZHANG Yunling Author Zhang Yunling The 21 APEC members account for 55% of the world’s GDP, 45% Reconsidering Bogor Goals? of global trade and 40% of the world’s population. Data show that the Asia-Pacific region has achieved remarkable progress in the area The 1994 Bogor Goals are designed as a key agenda of APEC’s of market liberalization, enjoying much lower tariff rates as well as activities. The aim of the Bogor Goals is to realize free and open lower business transaction costs. The Asia-Pacific is becoming the trade and investment in the Asia-Pacific by 2010 for developed most dynamic region supported by increasing intraregional flows of economies and by 2020 for developing economies. In facing the trade, investment and services. slow progress in implementing the commitments to realizing the Nevertheless, debates on APEC have kept on going. The key con- Bogor Goals, further efforts were made to facilitate their enforce- cerns are how to make APEC more effective in facing the new chal- ment in the past years. For example, the 2001 Shanghai Accord, lenges in the Asia-Pacific region and the world as a whole. aiming to broaden APEC’s long-term vision, sought to clarify the roadmap to the Bogor Goals and strengthen the implementation Meeting New Challenges mechanism; the 2005 Busan Roadmap was set for the midterm stocktaking of progress toward the goals; and again, the 2006 Hanoi APEC is a unique regional grouping which has brought together Plan of Action identified specific actions and milestones to imple- developing, newly industrializing and advanced industrial economies ment the goals. However, there is still no reliable evidence to show into one framework of regional integration and cooperation. Under the developed members have realized all commitments in this target APEC agendas, all members are committed to reducing barriers to year, 2010. trade and investment and enhancing economic and technical coop- The question is whether the Bogor Goals are still relevant. As eration following the approach of concerted unilateral and collective John Mckay suggested, APEC should abandon any remaining pre- actions. tensions to intra-APEC trade liberalization and focus its collective As APEC provides a regular meeting opportunity for leaders in the power on strengthening the multilateral system, making further region to discuss and exchange ideas on policy and challenging progress in harmonization of standards and regulations and on issues, all members realize its real value. Although APEC is chal- other aspects of trade facilitation. Ellen Frost also suggested that lenged by a series of issues, it is still a non-replaceable institution the Bogor Goals be substituted with the idea of a Free Trade Area of for the Asia-Pacific region. As a special forum strongly backed by the Asia-Pacific (FTAAP). member governments and business communities, APEC continues As stated by APEC leaders in 1993, “The spirit of openness and to be a pivotal platform to conduct policy dialogue, to initiate agen- partnership deepens, enabling us to find cooperative solutions to das and even to test new ideas in economic and trade cooperation, the challenges of our rapidly changing regional and global econo- including on various global issues. my” (Blake Island, Seattle, November 20, 1993). Looking back at However, APEC needs to have its priorities and agendas readjust- the progress of APEC, the priority of its agenda used to be guiding ed to meet the new challenges. APEC should become more active all members to keep the market open and to improve the policy and effective in dealing with the impact of the financial crisis, reform and business environment. APEC should continue to play such a of the international financial system and domestic reforms of both major role although, as recommended by the APEC Business financial and economic structures. As Andrew Elek suggested, since Advisory Council (ABAC) recently, “a new vision is needed.” In the main concern is global currently, APEC would be well positioned this connection, the ABAC urged APEC to build on the Bogor Goals to play a role in handling the global issues and end preoccupation to “reflect the changing nature of modern Asia-Pacific regional with cross-border issues, thus getting back to its original mission to supply chains and value chains. This vision should seek to liberal- help the member economies realize sustainable growth by improv- ize flows of goods, services, investment, technology, e-commerce ing their policies. Currently, the major challenge for the Asia-Pacific and people; and have a strong emphasis on balanced and inclusive region is how to sustain economic growth dynamism by further growth and sustainable development.” (ABAC recommendations concerted commitments and actions in the areas of macroeconomic for APEC trade ministers, Sapporo, Japan, June 1, 2010, policy, economic restructuring, financial reforms and development www.apec.org). Thus, it is necessary to readjust the approach and of low-carbon technology, etc. Actually, APEC’s new credibility lies roadmap of the Bogor Goals so they will well reflect the new need in its strong role in promoting change and reform aimed at creating of regional economic development. APEC leaders, acting on the a more balanced economic development model and structure in the recommendations, should agree on a new statement on the new new context. vision. 18 JAPAN SPOTLIGHT • September / October 2010 FTAAP or TPP? The FTAAP concept was first proposed by the United States as a new agenda for APEC. Until now, it is still very controversial. The key for an FTAAP is how to realize it. If APEC launches nego- tiations for an FTAAP, it would Meeting of APEC Ministers Responsible for Trade, Sapporo, Japan, June 5-6, 2010 change the nature of APEC as a forum based on the voluntary participation and cooperation of its ner is even in the top 10 of US export markets. members. “APEC is not a negotiating forum. It is designed for coop- The Asia-Pacific region is the center of the global economy. To eration that is nonbinding,” a senior Thai official was quoted as say- keep the region dynamic, APEC should still give enough emphasis ing by The Associated Press on November 14, 2006. Some also to its role as an intergovernmental dialogue and cooperation mecha- emphasized that voluntary cooperation is the only realistic way. So nism. Thus, John Mckay argued “there is a real need for a substan- it seems still premature to put an FTAAP on the agenda of APEC as tial effort to build an effective bridge across the Pacific, and APEC is a real challenge this year or next. the only organization that could fulfill such a role.” One possible approach, as the ABAC recommended recently, is for APEC leaders to “recognize the importance of existing and pro- China’s Concern gressing regional trade arrangements such as the Trans-Pacific Partnership (TPP), ASEAN+1, ASEAN+3, and ASEAN+6/CEPEA as The Asia-Pacific region is the most important region for China’s potential pathways to delivering an FTAAP.” In fact, APEC has tried external economic engagement. The APEC region provides more to coordinate the existing complex “spaghetti bowl” of free trade than 60% of China’s export and import markets as well as FDI agreements (FTAs) into a more consolidate framework. For exam- inflows. Of China’s 10 largest trading partners, eight are from the ple, in 2004, APEC adopted the “best practices” for regional trading APEC region, and six of the top 10 investors are APEC members. agreements (RTAs) and FTAs, which consisted of “model FTA/RTA With the enriched experience and successful development of its chapters.” As a matter of fact, an easier and more practical economy, China has become more and more confident and active in approach may be simplifying and harmonizing rules of origin participating in APEC. In facing the current financial/economic cri- (ROOs) on the basis of APEC’s “best FTA practices” in the Asia- sis, China has taken a leading role by itself and also called for coop- Pacific region, such as an APEC-wide ROO arrangement. It is also erative actions to stabilize the financial sector, stimulate domestic necessary to enrich APEC’s “best practices” with more specific con- demand and oppose protectionism. tents. APEC has also taken many initiatives ranging from self-certifi- China is active in negotiating bilateral and subregional FTAs and cation of ROOs and a supply chain connectivity framework (SCCF) also supports the efforts by APEC for coordinating and integrating to public-private partnership (PPP) and capacity building, etc. This the multilayered FTAs in the Asia-Pacific. However, China shows is still the right direction for APEC to proceed. reservation on an early FTAAP since China worries that to launch an The TPP, initiated by four small economies, has now received FTAAP or join the TPP may change the nature and role of APEC as a more attention because the United States and four other APEC voluntary and flexible regional institution for cooperation in a broad members – Australia, Peru, Brunei and Vietnam – have shown inter- sense. est. The concern is that if the United States really participates in China will continue to have strong interest in participating in TPP negotiations, it will bring about a negative impact on APEC. APEC activities and to support it, playing a positive role in promot- Also, the question is whether the TPP is an alternative to an FTAAP, ing regional economic integration and cooperation in an “APEC or the Bogor Goals. The difficulty is how to include all APEC way.” economies into the process for negotiations finally. As for the US government, Bernard Gordon and others questioned its feasibility and argued that the TPP may be only the game in town since the Zhang Yunling is professor & director of international studies, Chinese TPP market accounts for just 4.2% of America’s trade, and no part- Academy of Social Sciences.
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